Gatwick has revealed the full extent of the dire toll the Covid crisis took on the airport last year, recording a £465.5 million loss for the 12 months to 31 December 2020.
Passenger numbers ended up down 78% for the full year following a collapse in demand, while the airport was forced to cut staffing levels by more than 40% to balance the books.
Staffing cuts contributed to a £140 million overall reduction in operating costs, which also saw the airport consolidate all air and passenger traffic into one terminal.
Gatwick was also able to reduce planned capital expenditure by deferring more than £380 million in investment originally planned for 2020 and 2021.
The airport boosted its liquidity through a £300 million bank loan, and drew £250 million from the government’s Covid Corporate Financing Facility. As of December, it had £573 million available to cover 2021 operating cashflows, investments and interest payments.